Blog

Dave Canal
April 26, 2017

This classic sentence by Charles Dickens could easily be applicable to the past eight years in the investment business.  As the market has continued to rise – now the second longest bull market ever - it has created the worst of times for investment managers.  During the past six years no active manager has been able to outperform the S&P...

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Dave Canal
March 22, 2017

It was the fall of 2000.  Ed Noonan (founder of Contravisory) and I had gone to Vermont to attend the Contrarian Opinion Forum.   Ed had published a SELL recommendation on technology three months earlier.  By the fall, the ensuing pullback was seen by many at the conference as a “buying opportunity.” Of course, with perfect...

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Dave Canal
November 29, 2016

Recently, I was in a local restaurant having dinner when my cell phone rang.  As I reached for the phone, I saw a client’s name.  It was the first day of stock trading following the election.  The market had opened down horribly but closed up 250 points for the day.  Virtually everyone in the media had been saying Hillary...

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Dave Canal
November 15, 2016

Imagine buying a washing machine for $800.  Then a month later you see Sears Roebuck advertising the same model for $400.  You know you can’t take it back.  You’ve used it.  Is the new price low enough to warrant buying another?  And if you did, what would you do with it?  In the real world when you have too much of something, you don’t want...

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It isn’t as important to buy as cheap as possible as it is to buy at the right time.

– Jesse Livermore